Strategies of Giving Under the SECURE Act

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) is a far-reaching bill that includes significant provisions aimed at increasing access to tax-advantaged accounts and preventing older Americans from outliving their assets.

Below are just a few of the changes that can affect gifts through retirement plans:

Heirs now have only 10 years to take Required Minimum Distributions. This means the government will get their taxes much sooner. Now’s a good time for a thorough tax review by an expert. In some cases, it might make sense to open a charitable remainder unitrust. to maximize legacy benefits.

Retirement plans are taxed at ordinary income rates when left to heirs, but there’s zero-tax when you donate such assets to Mother Jones. So, leaving tax-favored assets to heirs is a smart tax strategy.